The following article was published in the January 26, 2006 issue of WorldWIT – Thinking Aloud.

Turning Your Dreams into Dollars
by Dr. Joelle Jay

There are some things we just want to believe: That wrinkle cream really does work. That bad things don’t happen to good people. That if you do what you love, the money will follow.

I was reminded of this recently when I met with a friend to hear about her thrilling new business. She had followed her dreams out of an irksome administrative job into the wild waters of entrepreneurship. She was in love with her business idea – a gift-buying service for high-end clients and corporations. Her gift baskets were adorable, elegant and personal. She reveled in having a flexible schedule, more time with her kids, and a way to express her creativity. Despite a twinkle in her eye and her beguiling enthusiasm, there was still one notable problem. She leaned in and whispered, “I’m not making any money.”

Do what you love and the money will follow. It’s a trap many businesswomen have fallen into. We want to believe that it’s true. But too many of us find that it’s not. The key to happiness may be to follow your heart, but it doesn’t necessarily pay the bills.

Does that mean we’re doomed to a life of drudgery doing what pays instead of enjoying our work? To answer that question, I turned to Loral Langemeier, wealth coach and author of the upcoming Millionaire Maker. Not only has she made a big splash in the business world – not to mention the money to go with it – she is also doing what she loves to achieve it.

Here are Langemeier’s suggestions for businesspeople to make sure their dreams do turn to gold.

1. Build a business, not a hobby.

One of Langemeier’s chief complaints about failing businesspeople is that they treat their business like a hobby. That is, they think about the work they love (writing a novel, designing beautiful spaces, selling CDs on E-bay) instead of thinking about how to run a business. Bona fide businesses have certain fundamentals, like:

• bank and credit accounts
• a corporate structure
• a business and marketing plan
• financial records and
• support systems, like bookkeepers, attorneys, and bankers.

Successful businesses have these elements in place.

2. Be an entrepreneur.

Langemeier speaks boldly about wealth: “You have to be an entrepreneur if you want to be rich.” Businesspeople who want to be successful must see themselves as entrepreneurs. Entrepreneurs don’t dabble. They aren’t satisfied with selling to family and friends. They don’t set up a stock Web site and hope folks will stumble upon it. Entrepreneurs actively build their business, looking for the systems, customers, and products that sell, not just the ones that they like. So yes, keep your W-2 job until you’re ready to make the big leap…but know it won’t pay the dividends that entrepreneurship will.

3. Think like a man…

It may be unpopular to admit it, but women can learn from men when it comes to success.

• Men don’t apologize for not knowing things.
• Men don’t think that they can’t.
• Men don’t take no for an answer.
• Men don’t hold themselves small.
• Men don’t rely on women to bring home the bacon.

Of course I generalize, but this stereotypical machismo holds some wisdom for women, who often do hold themselves back in these ways. As Langemeier likes to say, “a man is not a plan.” Women need to be independent in, confident, and brave about going after what they want – which includes money, success, and a thriving business.

4. …and like a woman.

The advantages women commonly have over men, though, can advance them swiftly along the path to success. Women tend to be more collaborative, making it easier to find the answers they need and build networks that support their business. Women are willing to ask for help. They are approachable and willing to be vulnerable – characteristics that endear them to others and break down barriers that might otherwise hinder their progress.

5. Become financially literate.

Langemeier spells out some of the essential information businesspeople need to understand the financial aspects of their lives – things like a balance sheet, a profit and loss statement, and net worth. Without a basic understanding of financial principles, people can easily fail to realize the potential of their businesses, at best. At worst, they can drive themselves right to the poorhouse, collecting more debt than profit.

Perhaps the best part about Langemeier’s approach to success is that she provides the tools to make it happen. Her company, Live Out Loud (www.liveoutloud.com) offers programs like Wealth Diva and The Big Table, as well as one-on-one coaching to help people gain the knowledge and skills necessary to make their businesses and their bank accounts thrive.

Whether you gain financial literacy from a program, a book, or a lesson from your accountant, grasping the rudiments of finance can help you stop chasing dollars and start having dollars chase you.

Dr. Joelle Jay is a leadership coach, consultant, speaker and author who works with executives and business leaders to improve their effectiveness. Jay specializes in helping successful businesswomen attain accomplished careers while enhancing quality of life. She can be reached at Joelle@pillar-consulting.com

Reprinted with permission from January 26, 2006 issue of WorldWIT – Thinking Aloud.